excerpts from latest 10Q->
The Company is authorized to issue up to 25.0 million shares of its $.01 par value per share common stock. Each share is entitled to one vote and shareholders have no preemptive or conversion rights. As of September 30, 2011 and December 31, 2010 there were 1,809,912 shares issued and 1,770,139 shares of the Company's common stock outstanding. As of September 30, 2011 and December 31, 2010 the Company held 39,773 shares of treasury stock. Additionally, the Company has authorized the issuance of up to 1.0 million shares of its $.01 par value per share preferred stock. The Company's Board may, without further action by the shareholders, direct the issuance of preferred stock for any proper corporate purpose with preferences, voting powers, conversion rights, qualifications, special or relative rights and privileges which could adversely affect the voting power or other rights of shareholders of common stock. Effective October 22, 2009, the Company's Board designated, by amending the Articles of Incorporation., the Series A Preferred Stock, consisting of 5,000 shares with a liquidation preference of $1,000 per share. No shares of Series A Preferred Stock having been issued, effective June 17, 2011, the Company's Articles of Incorporation were amended to eliminate the designation of such series. As of September 30, 2011 and December 31, 2010, there were no shares of the Company's preferred stock issued or outstanding.
The Company's sole asset is the 7280 square foot building previously occupied by the Company and the Bank. The building is leased to the Bank of the Ozarks under a three-year triple net lease expiring in September 2013. The lease payments under the lease do exceed, by approximately $5,100 per month, the Company's debt service with respect to the three-year mortgage encumbering the Building, such mortgage is maturing in August 2013. Rental income from the building is the Company's sole source of income and there is no assurance that net income therefrom will be sufficient to meet all of the other operating expenses of the Company. The Company may, therefore, be forced to sell the building, pay off all its debts and distribute the net proceeds, if any, to its shareholders.
In the meantime, the Company may, if an appropriate opportunity arises, engage in a transaction with an operating company.